Several countries globally have unfunded (PAYG) pension systems. Meanwhile some studies have shown that the ratio of Population Aged above 65 to Population Aged 15- 64 keeps increasing and that PAYG contribution rates required to cover any particular level of pension benefits have reached unsustainably high levels thus placing serious financial strain on the public pension systems in terms of ability to pay pension benefits in the future. Required

c) Apart from the demographic risks, explain any other three factors that pose risk to both funded and unfunded pension systems. [9 marks]

please don't copy the answer from Google to send me no plagarism